The gem and jewellery export sector from Surat has witnessed a noticeable decline in both June 2025 and the first quarter of the financial year 2025–26, with key segments like cut and polished diamonds showing significant negative growth.

According to the latest data, the overall gross exports in June stood at $1,626.96 million, reflecting a 14.25% drop compared to the same month last year. The trend continued over the first quarter (April–June), during which total exports amounted to $6,483.57 million, a 5.4% decrease from the corresponding period in the previous financial year.

The largest contributor to the sector, cut and polished diamonds, continues to struggle. In June, exports of this segment were recorded at $778.78 million, marking a steep 23.49% decline from the previous year. The quarterly figure also showed a downturn, with exports totaling $2,837.29 million, down 22.72% year-on-year. Polished lab-grown diamonds fared no better, with June exports dropping to $66.67 million, a 24.95% fall compared to the same period last year, the data released by Gems & Jewellery Export Promotion Council (GJEPC) showed.

Amid the overall slowdown, gold jewellery exports emerged as a silver lining, recording healthy growth figures. In June, exports rose to $630.33 million, a 5.75% increase year-on-year. The growth was even more pronounced in the first quarter, where exports touched $2,773.01 million, a sharp 25.35% rise compared to the previous year. Experts suggest that this surge is primarily due to the rise in global gold prices, which has pushed up the value of exports even if the volume has not increased proportionately.
Within the gold jewellery segment, plain gold jewellery led the charge in June with exports valued at $326.89 million, showing a robust 31.1% growth. However, studded gold jewellery exports saw a decline, falling to $303.44 million, a 12.48% drop from $346.72 million last year.

In other segments, silver jewellery exports declined as well. For the first quarter, exports totaled $214.31 million, down 6.97% from $230.36 million a year ago. In contrast, platinum jewellery exports showed positive momentum, rising to $45.67 million in Q1—a 13.56% growth over the previous year.
Despite the encouraging growth in gold and platinum jewellery, the sustained slump in the diamond sector—both natural and lab-grown—continues to weigh heavily on the industry. Exporters are calling for strategic policy support and market diversification to navigate this challenging phase and stabilise the sector in the coming quarters.

Courtesy: TOI